MicroStrategy的59億美元BTC損失可能會迫使該公司出售其持股

本週，美國證券交易委員會（SEC）正式聲明，穩定幣，尤其是“覆蓋的穩定幣”不是證券

The Securities and Exchange Commission (SEC) has clarified that certain stablecoins, particularly "covered stablecoins," are not securities and thus do not need to be registered with the SEC.

美國證券交易委員會（SEC）澄清說，某些穩定幣，尤其是“覆蓋的stablecoins”不是證券，因此不需要在SEC註冊。

This statement, which may not be immediately noticeable to most retail crypto traders, could have broader implications for the institutional adoption of stablecoins.

大多數零售加密貨幣商人可能不會立即註意這一說法，可能會對機構採用穩定的股份具有更廣泛的影響。

The SEC defines a "covered stablecoin" as being backed by U.S. dollars and/or other low-risk, highly liquid assets, like treasury bills, that allow issuers to meet redemptions on demand. They go on to say that those stablecoins are explicitly different from algorithmic stablecoins, which use an algorithm for supply/demand balancing rather than collateral to maintain their price peg.

SEC將“覆蓋的穩定幣”定義為以美元和/或其他低風險的高風險，例如財政賬單（例如財政賬單）的支持，使發行人可以按需滿足贖回。他們繼續說，這些穩定的穩定劑與算法穩定劑明顯不同，算法使用算法來供應/需求平衡，而不是抵押來維持其價格釘。

The Commission reached this conclusion by extending two tests from two different court cases: Reves v. Ernst & Young and SEC v. W.J. Howey Co. Both tests are frameworks used to determine whether something qualifies as a security. Covered stablecoins didn’t meet the criteria of either test and as a result, the SEC ruled that they fell outside securities laws.

委員會通過從兩個不同的法院案件中擴展了兩項測試，得出了這一結論：Revesv。 Ernst＆Young和Secv。 WJHowey Co.這兩個測試都是用於確定某些東西是否符合安全性的框架。覆蓋的stablecoins均不符合這兩種測試的標準，因此SEC裁定他們屬於證券法。

This statement from the SEC might not change much for the average person, but for crypto corporates and legacy financial institutions, it could be significant since it opens the door for digital assets to play a bigger role in the world of banking and finance.

SEC的這一聲明可能不會改變普通人，但是對於加密貨幣公司和傳統金融機構而言，這可能很重要，因為它為數字資產打開了在銀行和金融領域發揮更大作用的大門。

Since the SEC declared that certain stablecoins are not securities, that removes a major legal risk for banks, fintech firms, and payment processors who want to integrate stablecoins into financial services, as a result, this should make it easier for stablecoin issuers to form partnerships with traditional financial institutions, and it clears the path for bank-backed stablecoins or stablecoin-as-a-service offerings in the world of banking and finance.

Since the SEC declared that certain stablecoins are not securities, that removes a major legal risk for banks, fintech firms, and payment processors who want to integrate stablecoins into financial services, as a result, this should make it easier for stablecoin issuers to form partnerships with traditional financial institutions, and it clears the path for bank-backed stablecoins or stablecoin-as-a-service offerings in the world銀行和金融。

The Department of Justice (DOJ) is disbanding the National Cryptocurrency Enforcement Team, a unit dedicated to investigating and prosecuting crypto-related crimes.

司法部（DOJ）解散了國家加密貨幣執法團隊，該部門致力於調查和起訴與加密相關的犯罪。

The news came via a memo from Deputy Attorney General Todd Blanche, who stated, "The Department of Justice is not a digital assets regulator. However, the prior Administration used the Justice Department to pursue a reckless strategy of regulation by prosecution."

該消息是通過副檢察長托德·布蘭奇（Todd Blanche）的備忘錄來的，他說：“司法部不是數字資產監管機構。但是，先前的政府使用司法部通過起訴來採取魯ck的監管策略。”

According to Blanche, this decision was made to comply with President Donald Trump's January executive order on digital assets, which emphasizes creating clear regulatory frameworks for crypto and stablecoins. While it's unclear how shutting down this unit helps comply with that order, it does clarify what the DOJ won't be doing: regulating crypto markets.

根據布蘭奇（Blanche）的說法，這一決定是遵守唐納德·特朗普（Donald Trump）總統在數字資產上的一月行政命令，該命令強調為加密貨幣和穩定者創建明確的監管框架。雖然尚不清楚該單元如何有助於遵守該訂單，但它確實闡明了DOJ不會做的事情：調節加密市場。

That ambiguity might not be a big deal right now, especially under a friendly administration, but it could become an issue in the future. When the next crypto conflict inevitably occurs, knowing who is actually in charge will matter a lot when it comes time to investigate and prosecute the illicit actors.

這種歧義現在可能並不重要，尤其是在友好的政府下，但這可能會成為將來的問題。當下一次加密衝突不可避免地發生時，知道誰在調查和起訴非法行為者時，實際上是誰負責的。

This week, MicroStrategy (NASDAQ:MSTR) filed its Form 8-K with the SEC. While these filings are routine for public companies, this one had blockchain and crypto enthusiasts talking because of what it revealed about the company's financial health in relation to its massive BTC holdings.

本週，MicroStrategy（NASDAQ：MSTR）向SEC提起了8-K的表格。儘管這些文件對於上市公司來說是常規的，但該文件具有區塊鍊和加密助人愛好者的談話，因為它揭示了公司的財務狀況與其大量BTC持有量有關。

Three points from the filing standout:(1) The company reported an unrealized loss of $5.91 billion on its digital asset holdings for the quarter ending March 31, 2025. As a result, it expects to post a net loss for that quarter.(2) Due to previous net losses, primarily from digital asset impairment, the company warned that it "may not be able to regain profitability in future periods."(3) And this one really got people talking: the company said it may be forced to sell BTC to meet its financial obligations.

備案出名的三點：（1）該公司報告說，截至2025年3月31日的季度的數字資產持有量損失了59.1億美元。結果，它預計該季度會發布淨虧損。 （2）先前的淨虧損，這是由於數字障礙的主要損害，該公司的一項局限性使人言論，這可能是在這種情況下的一項損益，“可能會在未來的損失中造成的一項損益，這可能是在未來的損失。它可能被迫出售BTC以履行其財務義務。

Form 8-Ks require companies to spell out all the possible risks, so this isn't necessarily an emergency. But what caught my attention was how clearly they were writing about how holding BTC has hurt them and how it may continue to hurt them. The company all but admitted that its Bitcoin strategy, the cornerstone of its brand, maybe the very thing that causes the company to unravel.

8-SK表格要求公司闡明所有可能的風險，因此這不一定是緊急情況。但是引起我注意的是，他們寫了關於持有BTC如何傷害他們以及如何繼續傷害他們的清楚。該公司幾乎承認其比特幣策略是其品牌的基石，也許是導致公司解散的東西。

The filing clarified that MicroStrategy's financial health is deeply tied to BTC's performance. If the digital asset performs poorly or regulatory shifts turn against crypto, the company could face severe consequences, not just in stock price but in its ability to raise capital or continue operating.

該文件澄清說，MicroStrategy的財務狀況與BTC的績效有著深遠的聯繫。如果數字資產的性能較差或與加密有關的監管轉變會轉變，則該公司可能會面臨嚴重的後果，不僅在股票價格上，而且還可以籌集資金或繼續運營的能力。

Since last year, MicroStrategy has been a central figure in the narrative of institutional interest in Bitcoin. The company, formerly known as Strategy, began buying BTC in 2015 and has since amassed a significant portion of its capital in the digital asset.

自去年以來，微觀策略一直是比特幣機構興趣敘事的核心數字。該公司以前稱為“戰略”，於2015年開始購買BTC，此後積累了其在數字資產中的大部分資本。

This filing is the first time I remember the company mentioning the potential sale of BTC. People often cheer when publicly traded companies buy BTC, but what gets lost in the noise is that these companies always have an exit plan. Nobody's holding BTC for eternity. Whether it's selling when prices hit a target or offloading during a financial crunch like what MicroStrategy is thinking about, there's always a point when the corporate will cash out.

該文件是我第一次記得該公司提到了BTC的潛在出售。當公開交易的公司購買BTC時，人們通常會為人們加油打氣，但是在噪音中迷失的是這些公司總是有退出計劃。沒有人為永恆而持有BTC。無論是在價格達到目標時出售還是在金融緊縮期間卸載，例如MicroStrategy的想法，總會有一點企業兌現。